Editing Thorstein Veblen (section)

===Conspicuous consumption===
{{Main|Conspicuous consumption}}
In his most famous work, ''[[The Theory of the Leisure Class]]'', Veblen writes critically of the [[leisure class]] for its role in fostering wasteful [[Consumption (economics)|consumption]], or conspicuous waste.{{sfn|Hodgson|2004|pp=125–194}} In this first work Veblen coined the term ''[[conspicuous consumption]]'',<ref>{{cite book |last1=Dyson |first1=George |title=Turing's Cathedral: The Origins of the Digital Universe |publisher=Pantheon Books |chapter=Chapter 3}}</ref> which he defined as spending more money on goods than they are worth.

The term originated during the [[Second Industrial Revolution]] when a ''[[nouveau riche]]'' social class emerged as a result of the accumulation of capital wealth. He explains that members of the leisure class, often associated with business, are those who also engage in conspicuous consumption to impress the rest of society through the manifestation of their social power and prestige, be it real or perceived. In other words, social status, Veblen explained, becomes earned and displayed by patterns of consumption rather than what the individual makes financially.{{sfn|Dowd|1966|p=32}} Subsequently, people in other social classes are influenced by this behavior and, as Veblen argued, strive to emulate the leisure class. What results from this behavior, is a society characterized by the waste of time and money. Unlike other sociological works of the time, ''The Theory of the Leisure Class'' focused on consumption, rather than production.{{sfn|Ritzer|2011|pp=196–198}}